The Australian government would like to target audit firms and their partners for breaches in professional conduct fallowing the recent tax scandal.

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The Australian government would like to target audit firms and their partners for breaches in professional conduct fallowing the recent tax scandal. Breaches that could result in significant penalties of either $15million or 10% of aggregate turnover.

Such strict penalties will increase the pressure on the audit community to ensure that professional standards are met. However The Tax Practitioners Board will need to apply the Federal Courts to have the sanctions imposed.

Financial or non-financial, the audit community is a critical 3rd Line for cybersecurity risk management assurance and attestation. At a time when cyber regulation is increasing, relying on auditors professional credibility is important as boards are required attest cyber risk compliance personally and on behalf of their organizations.

Ted Dziekanowski Brian D. McCarthy

#cybersecurity #cyberriskmanagement #audit

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